1st step is to ANALYZE TRANSACTION 2nd step JOURNAL ENTRUES 3rd step POST TO THE LEDGER 4th step TRAIL BALANCE 5th step ADJUSTING ENTRIES 6th step POST 7th step ADJUSTED TRAIL BALANCE and BALANCE SHEET, 8th step CLOSING ENTRIES

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On June 1, 2018, Bob Lutz opened Lutz Repair Service. Make journal entries for each of the transactions listed below for the month of June. During the month, he completed the following transactions for the company: June 1. Began business by depositing $20,000 in a bank account in the name of the company. June 1. Paid the rent for the store for current month, $1,700. June 1. Paid the premium on a one-year insurance policy, $1,920. June 2. Purchased repair equipment from Bilbao Company, $16,800. Terms were $2,400 down and $1,200 per month for one year. First payment is due June 1. June 5. Purchased repair supplies from Rusin Company on credit, $1,872. June 8. Paid cash for an advertise ment in a local newspaper, $240 . June 15. Received cash repair revenue for the first half of the month, $1,600. June 21. Paid Rusin Company on account, $900. June 30. Received cash repair revenue for the last half of June, $3,900. June 30. Made a withdrawal, $1,200. REQUIRED FOR JUNE Prepare journal entries to record the June transactions. Include the Post. Ref. column and fillin using the account numbers listed in requirement 2 1. 2. Open the following accounts: Cash (111), Prepaid insurance (117); Repair Supplies 119); Repair Equipment (144); Accumulated Depreciation-Repair Equipment (145); Accounts payable (212) B. Lutz, Capital (311), B. Lutz, Withdrawals (313); Income Summary (314); Repair Revenue (411): store Rent Expense (511); Advertising Expense (512); Insurance (513): Repair Supplies Expense (514); and Depreciation Expense-Repair Equipment (515). Post the June journal entries to the ledger accounts Prepare the June unadjusted trial balance 3. Using the following information, record adjusting entries in the general journal and post to the ledger accounts: 4. a. One month's insurance has expired. b. The remaining inventory of unused repair supplies is $676. c. The depreciation on repair equipment is $280. 5. From the accounts in the ledger, prepare an adjusted trial balance. 6. From the adjusted trial balance, prepare an income statement, a statement of owner's equity, and a balance sheet for June. 7. Prepare and post closing entries 8. Prepare a post closing trial balance. 9. Prepare and post journal entries to record the July transactions. During July, Bob Lutz completed these transactions for Lutz Repair Service: July 1st Paid the monthly rent, $1,700 July 1. Made the monthly payment to Bilbao Company, $1,200. July 6. Purchased additional repair supplies for the first half of the month, $3,452. July 15. Received cash repair revenue for the first half of the month, $3,656. July 20. Paid cash for an advertisement in the local newspaper, $240 July 23. Paid Rusin Company on account, $2,400. July 30. Received cash repair revenue for the last half of the month, $3,268. July 30. Recorded a withdrawal by owner, $1,200. 10. Prepare the July unadjusted trial balance 11. Using the following information, record adjusting entries in the general journal and post to the ledger accounts a. One month's insurance has expired b. The inventory of unused repair supplies is $1,652. c. The estimated depreciation on repair equipment is $280. 12. From the accounts in the ledger, prepare an adjusted trial balance. 13. From the adjusted trial balance, prepare the July income statement, statement of owner's equity, and balance sheet. 14. Prepare and post-closing entries 15. Prepare a post-closing trial balance